Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1887-12-14
PRESIDENTS MESSAGE.

PRESIDENTS MESSAGE.
THE sTEPsUs. THE TARIFF, AND
THE INTERNAL REVENUE.
Mr. Cleveland Urges Tariff Reform and
Reduction of she Re Revenue-Refer+Sce
10 Internal Taxes-American Indus.
tries to be Protected.
To the Congress of the United States:
You are confronted at the threshold of
your legislative duties with condition Of
the national finances, which imperatively
demands your immediate and careful con-
sideration. The amount of money annually
exacted through the operation of the pres
ent laws from the industries and neces tiles
of the people largely exceeds the sum neces-
sary to meet the expenses of the govern
ment. When we consider that the theory
of our institutions guarantees to every ci'i-
zen the full enjoy ment of all the fruit of his
industry and ente, prise with only such de-
duction as may be his share towards the
careful and economical maintenance of the
government whicb protects him, it is plain
that the exacriou of more than this is in
Cefensibe extort,nn and culpable betray-
al of American fairness and justice. This
wrong, Inflicted upon those who bear the
burden of national taxation, like other
wrongs, multiplies a brood of evil conse-
quepces The public treasury. which
should only exist as conduit convey eying
the peoples tribute to its legitimate object
of expenditures becomes a boarding place
for money needlessly withdrawn from trade
and the people S use. thus crippliug our
national energies, suspepding our countly's
development, preventing investment in pro-
tective enterprise, threatening financial dis
turbance and inviting schemes Of public
plunder. This condition of our treasury is
not altogether new and it has more than
once of late been submitted to the peoples
representatives in the Congress, who alone
can apply remedy, and yet the situation
still continues with aggravated incidents
more than ever presaging financial convu-
sion and widespread disaster. It will not
do to neglect this situation because its dan-
gers are not now palpably imminent and
apparent. They exist none the less GER
tainly, and await the unforeseen and unex
pected occasion when suddenly they will be
precitated upon us. On the Both day of
June, 1885,
THE EXCESS OF REVENUES OVER PUBLIC
M - - a.
"i'oI oonpiy. WIZ ','o "npu@' 4e,v
oHo se''r 70. ~ ot .he s1nk'ns 'upu e4cess WIS g
oo oov. 100 ooe oe Du'lpe 'he year e'"eo s"ne $40
oo.n. ,o- nooO' oo suon sAcess auAou"''u " %f0'-
10, Ioeo' So' anu uui'us 'no yeei g. eeg
$40 "a
d.oua, o'"'iiou'ion ~ .ho sinnl"s
l"nu uu'ng tne 'nree years aoove e1so sppe,e9 ano
oon a. s ~ ! no "ss ~ Yio1 ooo
oSo "nu uouuSo I'm 'uo eul piu. os
W" -, . ~ es ~
po. poeo a .ne ou s'anoDs ny Pol oo" .,'s oo.ss
ur;nr .m e, Inna an'h 1se7 r. ens srn,,Is ' rar
lp. pa.u, t.J W. Jun. 80 , io1 NV na s1p y.
an.,,iat;,,sss $50 Ia tha+ :, - fad .ha iii, ~
S.na1 VIZ ne snas raat ~ e ,.1 naaaa 4
-, 10 ,,ao,.,a ,..,,,a =, e.. ~. ..si,.s.
~ ~ tha opu,,,ru that no eun, of GRO aeA 1oG M
~ sroh s.,r,,,',s .,as a,,,,,;..d ~ ~ .,.,,
~ ,hs ,;np,no, pua and ii,orast of +hn na,
oa,. h,nds s,;,I o,,,stand;nr .nd ,nhior
,nore ,hen nsvah,e at tho antinn rn of The
~,,vo,,.n,ant TIL. nreo.,i..ns eond;t;on n,
financial affairs among the people still
needing relief. immediately after the Both
day of June, 1887, the remainder OF the
three per cent. bonds then outstanding,
amounting, with principal and interest, to
the sum of SIS, S77, 500, were called in and
applied to the sinking fund contribution fol
| the current t-cal year. Notwithstanding
| these operations OF the Treasury Depart
| ment, representations OF distress III ousl'
| ness circles not only continued, but in
creased, and absolute peril seemed at hand.
In these circumstances the contribution to
the sinking fund for the current fiscal year
was at once completed by the expenditure
of $27, ,6S4, 283.55 in the purchase of gov.
eminent bonds not yet due bearing and
"A per cent interest, the premium paid
thereon averaging about "A per cent. for
the former and per cent. for the latte
In addition to this the interest accruing
during the current year upon the outs and
ing bonded indebtedness Of the government
was to some extent anticipated and the
banks selected At depositories of the public
money were pelmi,ted to somewhat in
CREASE their deposits. While the expedient
TINS employed to release to the people the
money WING idle IN the Treasury served IN
q ver+ Immediate danyers
~ Q M No' ne Sls ns "a '" WV A1' IL
~ AoooMoHAin
the excess for the present year amounting
ON the 1st day OF December to $35. 25S.
7O1. .1S, and IS estimated to reach the sum
of $ll3' OOO, O00 on the 3Oih OF June next,
at which date It. is expected that this sum,
added to the prior accumulatlons. Will swell
the surplus in the Treasury to S140, O00, 600.
There seems TO be no assurance mat with
such withdrawal from use OF tho peoples
circulating medium our business community
may not in the near future be subjected to
the same distress which was quite lately
produced from the same cause; AID while
the functions of our national treasury
should be few and simple. and while its
best condition would be reached, believe,